Pi Network Token Struggles Amid Bearish Outlook and Exchange Inflows

Data from CoinGecko reveals the stark reality for Pi Network’s PI token: a current price of approximately $0.20, representing a collapse of 93% from its all-time high of $3.00 recorded in February 2025. This minor 2% weekly gain stands in stark contrast to the performance of leading cryptocurrencies like Bitcoin (BTC) at the start of 2026, a divergence that has amplified criticism. The sentiment, as captured by the analysis, is overwhelmingly negative, with key voices on social media platform X articulating deep concerns.

One prominent critic, the X user pinetworkmembers, summarized the prevailing skepticism, stating it is “hard to stay bullish” on PI. Their analysis points not just to price action but to foundational issues plaguing the project. These hurdles include the lack of support from a major cryptocurrency exchange, the absence of a “real open mainnet,” an unclear token supply, perceived centralized control, and locked user balances. This critique frames the PI token’s struggle as a potential symptom of deeper project viability questions, with the user questioning whether the endeavor represents “innovation… or just wasted time and opportunity cost.”

Concrete on-chain data reinforces the bearish narrative. A critical red flag for analysts is the movement of tokens to centralized exchanges, which is often interpreted as investors preparing to sell. In a single 24-hour period, nearly 1.8 million PI were transferred to such platforms. The broader picture is even more telling: more than 425 million PI tokens are currently stored on exchanges, with the majority—roughly 52%—held on Gate.io. Bitget is the second-largest holder, with around 148 million coins. This concentration of supply on trading venues, as tracked by piscan.io, creates sustained sell-side pressure and diminishes prospects for a sustained price recovery.

Compounding this pressure is the ongoing schedule of token unlocks. According to piscan.io data, over 130 million PI are scheduled to be released into circulation over the next 30 days. January 8 marked a record unlock day with 5.3 million coins freed. However, the analysis notes a potential silver lining: the average daily unlock of approximately 4.36 million tokens is less aggressive than in previous months. This reduced influx of new supply could, in theory, provide a foundation for short-term price stability by lessening the dilutionary impact on the market.

Despite the overwhelming negative sentiment, a minority of market observers refuse to completely write off PI’s prospects in the near term. These analysts base their cautiously optimistic view on technical chart patterns. X user Vuori Trading has argued that PI has been breaking out from an eight-month downtrend and predicted the price could rise to $0.57. Similarly, another market observer known as Aman suggested the asset has been “consolidating tight under key resistance after trending higher.” For Aman, the key level to watch is $0.215; a sustained move above this price could, in their view, signal the formation of “new peaks.”

This technical perspective creates a dichotomy in the PI price predictions. On one side lies the fundamental bear case driven by exchange reserves, project delays, and supply unlocks. On the other is a purely chart-based argument for a tradable rebound from deeply oversold conditions. The immediate future of the PI token price likely hinges on which force proves stronger: the weight of sellable supply and skeptical sentiment or the momentum of a potential technical breakout, should it convincingly breach the noted resistance levels.